Tuesday, August 28, 2007

Trading Results for Turnaround Tuesday

Made +3.5 pts. today

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In Trade1, the 9bar EMA was acting as resistance, so I shorted when it was unable to break the 9EMA for third time.

In Trade2, I was playing the breakdown of support @1456.

The good news today was that my homework was solid. ES filled the open gap @1450.25 (left from last week) and then promptly bounced up. The last hour drop stopped right around 1435, which I had yesterday (and last week) identified as a support level.

The bad news was that I was unable to take advantage of the homework that I had done. The main problem that I see here is that I am trading two different styles. Today I was thinking "scalp" when I should have been looking at and planning for a big move, esp. given that we had an IDNR7 day yesterday. IDNR7 days don't happen very often at all, and are often the precursor to range expansion, so I should not have been surprised at today's range expansion.

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